Breakingviews | Diller

Considered view

25 Jun 2007 09:06

Conglomerate conclusion

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Instead of wheeling and dealing at Expedia, Diller should be looking at $10bn IAC, which trades at a 20% discount to the sum of its parts. There’s a solution to removing this conglomerate discount. Diller can sell HSN to Liberty Media in exchange for its 22% stake in IAC.

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